Crypto asset regulation seeks coordinated global policy consensus, integrating macro financial and regulatory risk assessment across jurisdictions.
The document calls for coordinated crypto asset regulation to address macroeconomic and financial stability risks, information gaps, and governance shortfalls, urging a data-driven approach, a common taxonomy, clear regulatory perimeters, and treatment of critical digital ledger infrastructure as a public good, with international technical collaboration proposed to synthesize macroeconomic and regulatory perspectives for a comprehensive policy response.

Global finance coordination advances through a Finance Track communique to strengthen MDBs, digital infrastructure and international taxation.
The Deputies meeting will finalise a Communique to guide coordinated Finance Track policy responses on the global economic outlook and risks, emphasizing strengthened Multilateral Development Banks, financing for urban and infrastructure needs, leveraging Digital Public Infrastructure for financial inclusion, and advancing the international taxation agenda as core workstreams to support inclusive multilateral solutions.

Minimum Capital Requirements for Market Risk: draft guidelines issued, applicable to commercial banks, comments invited.
Draft guidelines set minimum capital requirements for market risk under Basel III convergence, applicable to commercial banks while excluding Local Area Banks, Payments Banks, Regional Rural Banks, Small Finance Banks and all co-operative banks; they specify a future effective date and invite stakeholder comments within a defined consultation period.

Government securities lending consultation launched; stakeholders invited to submit comments and feedback per prescribed submission channels.
The Reserve Bank of India has published the Draft Reserve Bank of India (Government Securities Lending) Directions, 2023 and initiated a stakeholder consultation inviting banks, market participants and other interested parties to submit comments by the specified deadline. Comments may be sent by post to the Chief General Manager, Financial Markets Regulation Department at the Central Office address provided, or by email using the prescribed subject line for receipt.

G20 finance ministers meeting to advance multilateral development banks, digital public infrastructure, financial inclusion and international tax cooperation.
The G20 Finance Ministers and Central Bank Governors meeting, preceded by a Deputies meeting, brings together finance ministers, central bank governors, deputies and international organisation heads to discuss strengthening multilateral development banks; financing resilient, inclusive and sustainable urban infrastructure; leveraging Digital Public Infrastructure for financial inclusion and productivity; and coordination on global economy, health and international taxation. The discussions aim to provide mandates for the G20 Finance Track workstreams, with parallel side events on DPI, crypto-asset policy perspectives, national payment systems for cross-border payments, and ministerial engagement with tech innovators, accompanied by cultural programmes for delegates.

Emergency Credit Line Guarantee Scheme bolsters MSME credit access and prevents deterioration of loans into non-performing assets.
The Emergency Credit Line Guarantee Scheme (ECLGS), launched in May 2020, provides government-backed guarantees to support eligible MSMEs and businesses to meet operational liabilities post-COVID-19. As of 31 January 2023, guarantees under ECLGS have been issued to a large number of borrowers with MSMEs comprising the majority of loan counts and a significant share of guaranteed amounts. The scheme contributed to preserving MSME accounts from slipping into NPA status and is cited alongside complementary measures improving MSME credit access and financial resilience.

Incentive scheme for digital payments expands bank incentives to promote RuPay and low value UPI usage.
MeitY's Incentive Scheme provides financial incentives to banks to promote RuPay Debit Card acceptance and low value BHIM UPI P2M transactions (up to the stated low value threshold), and promotes UPI lite and UPI 123 PAY as economical digital payment options; a dedicated budget was allocated for the Scheme to strengthen acceptance infrastructure and drive wider digital payment adoption.

Government securities auction: re-issue of three dated securities sold by uniform and multiple price methods with non-competitive quota.
Announcement of re-issues of three government securities to be sold by price-based auction: two via the uniform price method and one via the multiple price method, with an option to retain additional subscriptions. Up to a capped portion of each notified amount is reserved for eligible individuals and institutions under the Non-Competitive Bidding Facility. Bids-competitive and non-competitive-must be submitted electronically on the E-Kuber system within designated time windows. Auction results and payment dates are scheduled, and the securities are eligible for When Issued trading under central bank guidelines.

Monetary policy tightening adopted to anchor inflation expectations while supporting growth through calibrated withdrawal of accommodation.
The Monetary Policy Committee increased the policy repo rate and adjusted related standing facility rates, deciding to continue withdrawal of accommodation to anchor CPI inflation around the medium term target of 4 per cent within the tolerance band while supporting growth. The decision reflects elevated core inflation, upside commodity and weather risks, resilient domestic demand, surplus liquidity and split voting among members.

Market-determined exchange rate: RBI intervenes only to maintain orderly markets, not to target any level.
India recorded its highest-ever annual foreign inward remittances in 2021-22 (US$89,127 million) with country-share data for 2020-21 from the RBI remittance survey listing major source countries. The Indian rupee is described as market-determined, and the Reserve Bank of India intervenes only to contain excessive volatility and maintain orderly market conditions, not to achieve any pre-determined exchange rate level or band.

Blockchain Technology recognized for innovation and eligible for regulatory sandbox testing, including cross-border payments trials.
Blockchain Technology is recognized among innovative technologies and is eligible for testing within a regulated Regulatory Sandbox, allowing innovators to apply for controlled trials. The sandbox has not designated specific use-cases for banks, but under its Cross Border Payments theme participating entities have tested blockchain-based applications, reflecting an experimental regulatory approach to cross-border payment innovations.

Government securities auction: price-based issuance with uniform and multiple price methods and reserved non-competitive allotment.
The Government announced re-issues of specified dated government securities via auction: three to be sold under the uniform price method and one under the multiple price method, with retention option for additional subscriptions. Auctions will be conducted electronically with prescribed time windows for competitive and non-competitive bidding facility submissions, an allotment percentage reserved for eligible individuals and institutions, and securities eligible for When Issued trading under central bank guidelines.

Collateral-free credit under PMMY expands eligibility and inclusion, boosting women entrepreneurship and rural livelihoods through expanded activities
Pradhan Mantri Mudra Yojana provides collateral-free institutional credit through Member Lending Institutions up to a prescribed upper ceiling across three products-Shishu, Kishore and Tarun-for individuals with business plans in manufacturing, trading, services and agriculture allied activities. The scheme's scope has been expanded to include various agriculture linked livelihoods, tractors and power tillers (within the ceiling), and two wheelers for commercial use. Implementation issues such as turnaround time, loan rejections and lender insistence on collateral are addressed through coordination with banks.

Central Bank Digital Currency pilot enables bank-distributed retail legal-tender wallets with cash-like settlement finality and convertibility to bank deposits.
The retail pilot introduces Central Bank Digital Currency (CBDC) as a digital token that represents legal tender, issued in the same denominations as cash, non-interest bearing and convertible into bank deposits. It offers cash-like trust, safety and settlement finality, is distributed through participating banks and held in dedicated CBDC wallets on user devices, with the CBDC structured as a central bank liability distinct from ordinary payments-system wallets.

Government receipts and expenditure review highlights composition of central receipts, tax devolution to states and major revenue outlays.
Monthly consolidation reports central receipts as tax revenue, non tax revenue and non debt capital receipts (loan recoveries and miscellaneous capital receipts), notes transfers to states as devolution of tax share, and records total expenditure split into revenue and capital accounts with major revenue components identified as interest payments and major subsidies.